Individual Characteristics Clause Samples
The 'Individual Characteristics' clause defines the specific personal attributes or traits of an individual that are relevant to the agreement or context. This may include information such as age, gender, qualifications, experience, or other distinguishing features that pertain to the person involved. For example, in an employment contract, this clause might outline the required certifications or background necessary for a particular role. Its core function is to ensure that all parties are clear about the personal criteria or standards expected, thereby reducing ambiguity and helping to match individuals to appropriate roles or responsibilities.
Individual Characteristics. Each Receivable has the following individual characteristics as of the Cut-Off Date:
(i) each Receivable is secured by a new or used automobile or light-duty truck;
(ii) each Receivable has an APR of no less than 0.00% and not more than 14.43%;
(iii) each Receivable had an original term to maturity of not more than 72 months and not less than 12 months and each Receivable has a remaining term to maturity, as of the Cut-Off Date, of 1 month or more;
(iv) each Receivable has an Outstanding Principal Balance as of the Cut-Off Date of greater than or equal to $1,000.00;
(v) no Receivable has a scheduled maturity date later than January 4, 2016;
(vi) no Receivable was more than 30 days past due as of the Cut-Off Date;
(vii) as of the Cut-off Date, no Receivable was noted in the records of VCI or the Servicer as being the subject of any pending bankruptcy or insolvency proceeding;
(viii) no Receivable is subject to a force-placed Insurance Policy on the related Financed Vehicle;
(ix) each Receivable is a Simple Interest Receivable;
(x) each of the Receivables were selected using selection procedures that were not known or intended by VCI or the Servicer to be adverse to the Purchaser; and
(xi) the Dealer of the Financed Vehicle has no participation in, or other right to receive, any proceeds of such Receivable.
Individual Characteristics. Each Receivable has the following individual characteristics as of the Cutoff Date:
(a) is not listed on the Servicer’s records as the subject of a pending bankruptcy proceeding;
(b) had an original maturity of not greater than 72 payments;
(c) provides for the payment of a finance charge or shall yield interest calculated on the basis of a Contract Rate of at least 0.50%;
(d) has a Scheduled Payment that is not more than thirty (30) days past due;
(e) the Financed Vehicle to which the Receivable relates is a new or used Honda or Acura automobile or light-duty truck; and
Individual Characteristics. Each Receivable has the following individual characteristics as of the Cut-Off Date:
(i) each Receivable is secured by a new or used automobile, minivan or sport utility vehicle;
(ii) each Receivable has a Contract Rate of no less than [ ]%;
(iii) each Receivable had an original term to maturity of not more than [ ] months and not less than [ ] months and each Receivable has a remaining term to maturity, as of the Cut-Off Date, of [ ] months or more;
(iv) each Receivable has an Outstanding Principal Balance as of the Cut-Off Date of greater than or equal to $[ ];
(v) no Receivable has a scheduled maturity date later than [ ];
(vi) no Receivable was more than 30 days past due as of the Cut-Off Date;
(vii) as of the Cut-off Date, no Receivable was noted in the records of VCI or the Servicer as being the subject of any pending bankruptcy or insolvency proceeding;
(viii) no Receivable is subject to a force-placed Insurance Policy on the related Financed Vehicle; and
(ix) each Receivable is a Simple Interest Receivable.
Individual Characteristics. Each Receivable has the following individual characteristics as of the Cutoff Date: (a) each Receivable had an original number of scheduled payments of not less than 24 or more than 84, 1. Review the Receivable, as amended by documents in the Receivable File and notations in the records in Seller’s receivable system, had an original number of scheduled payments within the allowable limits as of the Cutoff Date.
Individual Characteristics. Each Receivable has the following individual characteristics as of the Cutoff Date: (a) is not listed on the Servicer’s records as the subject of a pending bankruptcy proceeding; (b) had an original maturity of not greater than 72 payments; (c) provides for the payment of a finance charge or shall yield interest calculated on the basis of a Contract Rate of at least 0.50%; (d) has a Scheduled Payment that is not more than thirty (30) days past due; (e) the Financed Vehicle to which the Receivable relates is a new or used Honda or Acura automobile or light-duty truck; and (f) the Obligor under each Receivable had a billing address in the United States or its territories or possessions, according to the records of the Servicer. Review Materials: (a) Installment sales contract (b) Servicer’s Records/Data file (c) Receivable Files Tests: (a) Bankruptcy i. Review the Servicer’s records and confirm that the Obligor was not the subject of a bankruptcy proceeding as of the Cutoff Date.
(b) Original Maturity i. Confirm that the number of payments as stated within the contract does not exceed 72 payments.
(c) Contract Rate i. Confirm that the Contract Rate stated within the contract is greater than or equal to 0.50% as of the Cutoff Date. (d) Past Due i. Review the Servicer’s records and confirm that the Receivable was not more than thirty (30) days past due as of the Cutoff Date.
(e) New or Used Honda or Acura i. Confirm the Financed Vehicle is a new or used automobile or light-duty truck as stated within the New/Used section of the contract. (f) Billing Address i. Confirm the Receivable Files indicate that the Obligor’s address is located within the United States or its territories or possessions as of the Cutoff Date. (g) If (a) through (f) are confirmed, then Test Pass.
Individual Characteristics. The Receivables have the following individual characteristics as of the Cutoff Date; (i) each Receivable is secured by either a Motor Vehicle; (ii) each Receivable has a Contract Rate of at least ____% and not more than ____%; (iii) each Receivable had a remaining number of scheduled payments, as of the Cutoff Date, of not less than ____ and not more than ____; (iv) each Receivable had an Initial Principal Balance of not less than $__________ and not more than $__________; (v) no Receivable was more than 30 days past due as of the Cutoff Date; (vi) no Financed Vehicle had been repossessed as of the Cutoff Date; (vii) no Receivable is subject to a force placed Physical Damage Insurance Policy on the related Financed Vehicle; [
Individual Characteristics. Each Receivable has the following individual characteristics as of the Cutoff Date:
(a) each Receivable had an original maturity of not less than 24 months or more than 75 months,
(b) no Receivable was more than 30 days past due as of the Cutoff Date,
(c) no Receivable has a final scheduled payment date after January 13, 2025,
(d) no Receivable has a Contract Rate of less than 0.00%,
(e) each Receivable has a remaining term of at least 5 months and no more than 75 months,
Individual Characteristics. Each Receivable has the following individual characteristics as of the Cutoff Date: (a) each Receivable had an original maturity of not less than 24 months or more than 75 months, 1. Review the Receivable, as amended by documents in the Receivable File and notations in the records in Seller’s receivable system, had an original maturity date within the allowable limits as of the Cutoff Date.
Individual Characteristics. Each Receivable has the following individual characteristics as of the Cutoff Date: (a) is not listed on the Servicer’s records as the subject of a pending bankruptcy proceeding; (b) had an original maturity of not greater than 72 payments; (c) provides for the payment of a finance charge or shall yield interest calculated on the basis of a Contract Rate of at least 0.50%; (d) has a Scheduled Payment that is not more than thirty (30) days past due; (e) the Financed Vehicle to which the Receivable relates is a new or used Honda or Acura automobile or light-duty truck; and Review Materials: (a) Installment sales contract (b) Servicer’s Records/Data file (c) Receivable Files Tests: (a) Bankruptcy i. Review the Servicer’s records and confirm that the Obligor was not the subject of a bankruptcy proceeding as of the Cutoff Date.
Individual Characteristics. The Receivables have the following individual characteristics as of the Cutoff Date;
(i) each Receivable has an APR of not less than 0.001% and not more than 24.00%;
(ii) each Receivable had an original term to maturity of not less than 12 months and not more than 75 months;
(iii) each Receivable has a remaining term to maturity, as of the Cutoff Date, of not less than 11 months and not more than 75 months;
(iv) each Receivable has a Cutoff Date Principal Balance of not less than $1,000 and no more than $95,000;
(v) no Obligor as to any Receivable had a non-zero FICO® score of less than 500; and
(vi) as of the Cutoff Date, no Receivable had a scheduled maturity date later than June 13, 2022.